Adelaide Crows announce record $3.43 million profit at annual members’ meeting

ADELAIDE made a bumper record operating profit of $3.43 million last year while playing in two AFL/AFLW grand finals.

Matt Crouch of the Crows in action during the AFL 2018 JLT Community Series match between the Adelaide Crows and the Fremantle Dockers at Strathalbyn. Picture: GETTY IMAGES

ADELAIDE announced a bumper record operating profit of $3.43 million last year while playing in two AFL/AFLW grand finals.

This significantly surpasses the $1,493,636 profit from the 2015 season, the club’s first at Adelaide Oval.

Adelaide’s profit jumped $1.97 million on last season’s operating profit of $1,464,450 to $3,432,052.

The Crows’ statutory profit – after depreciation and non-cash items are factored into the financials - was $648,715.

The financial surge on Adelaide’s book was coupled with success on the field in both the AFL and inaugural AFLW, record membership (81,062 as counted by the club rather than the AFL), club-high sponsorship deals and hospitality returns at Adelaide Oval.

Revenue rose 13.7 per cent – from $48.3 million to $54.9m.

Debt on the Crows’ financial statements has fallen to $1.21 million after Adelaide repaid $753,241 to its creditors.

Crows chairman Rob Chapman described Adelaide’s off-field result as a “great set of numbers” at the Adelaide Football Club’s annual members’ meeting on Thursday night.

“The AFL is a demanding industry and it takes a great deal of planning and hard work to achieve the progress experienced in recent years,” Chapman said.

Re-contracted Crows coach Don Pyke opened the meeting before around 50 members at the Ian McLachlan room at the Adelaide Oval with little to say of the 2017 season noting: “We have moved on (from the grand final loss to Richmond)”.

“We are about creating the next opportunity,” Pyke said. “We missed one, that’s fair to say …”

Pyke had a strong focus on the new season starting against Essendon on March 23.

“How do we keep improving? We are looking for that little bit more,” Pyke said. “Sometimes that is hard to get, but that is what we’re pushing for.”

Adelaide’s AFLW premiership-winning coach Bec Goddard, who is amid the club’s second season in the national women’s league, appealed to the fans to “be patient” as the Crows struggle to defend the title.

“The competition is getting better – and clubs are looking at what made us successful,” Goddard said. “It is cut-throat … and we must win our next three matches.”

As expected, premiership defender Rod Jameson was re-elected as a director after beating Adelaide-based lawyer Kym Ryder in the only members’ ballot for the board.

Long-serving board member Jim Hazel, who was to retire this year, is staying on the board to cover the loss of Bob Foord who died last year. Hazel is expected to become the Crows’ deputy chairman.